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    ALTR   PTALT0AE0002

ALTRI, SGPS, S.A.

(ALTR)
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Altri SGPS S A : announces 1H2021 results

07/29/2021 | 12:09pm EDT

(Unaudited information)

TABLE OF CONTENTS

  1. HIGHLIGHTS OF 2Q21
  2. FINANCIAL AND OPERATIONAL PERFORMANCE
  3. SUSTAINABILITY
  4. PERSPECTIVES

APPENDICES

  1. Description of the ALTRI Group
  1. Pulp Mill's Maintenance Downtime Schedule III. 1H21 Consolidated Results

This document is a translation of a document originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards and in accordance with the International Accounting Standard 34 - Interim Financial Reporting, some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.

2

1. HIGHLIGHTS OF 2Q21

  • Altri Group recorded a new quarter and semester record in Pulp Production and Sales in 2021. Production reached 290.5 thousand tons and Sales 290.8 thousand tons in 2Q21.
  • Total revenues for the Altri Group reached € 207.7 M during 2Q21, an increase of 28% vs. 2Q20, benefiting from a favorable pulp price environment.
  • Quarterly EBITDA grew 132% to € 69.4 M. EBITDA margin reached 33.4%. This performance shows the continuous search for efficiency improvement in the various plants of the Altri Group.
  • Free Cash Flow1 in 2021, excluding the effect of the Tilbury acquisition, was about € 52 M (considering dividends paid of € 51.3 M and a net debt reduction of approximately € 1 M).
  • In terms of sustainability, Altri Group has strengthened its commitment to communities, presenting its Commitment 2030, with the goals it intends to achieve in meeting the United Nations Sustainable Development Goals.
  • In the Energy area, the success of GreenVolt's IPO, concluded in July, shows the market's recognition of Altri Group's bet in a national and international expansion strategy in the Renewable Energy area.

1 Free Cash Flow: Change in net debt compared to 31.12.2020 + Dividends paid.

3

MESSAGE FROM THE CEO

The second quarter of this year continued to be a challenging time for Altri and for Portugal, in a pandemic situation, more than a year after it started in our Country.

A moment that necessarily affects the activity of our teams, our partners and customers. We have taken all the necessary measures to ensure, as a priority, the safety and well-being of all those who share our daily lives and the company has shown that it is prepared to face this challenge with resilience, creativity and focus on delivering results to all our stakeholders. I would like to thank all of our people for their dedication and the example they have set during this challenging period.

In this context, I note the strong operational and financial performance of Altri, with the establishment of quarterly and half- year records for production and sales. Our industrial units, which are second generation biorefineries, increased, without exception, their performance, allowing us to supply the market with base materials for thousands of products that are part of our daily lives, as well as to increase domestic sales and exports. In this period, the company recorded a strong growth in EBITDA to € 69.4 M, which represents an increase of +132% year-on-year, and +75.8% over the first quarter of the year. In the first semester, the Group also presented very significant results, with EBITDA growing to € 108.9 M, +72.8% when compared to the same period of last year.

In terms of forest management, Altri has contributed significantly to an increasingly better production forest, by systematically supporting producers and partners in the adoption of best practices and certification of their plantations.

A quarter that is also marked by the placement in the capital market of the subsidiary GreenVolt, in an absolutely record time and with the full commitment of its exceptional team.

Also in terms of our commitment to contribute to a more renewable world, Altri reinforced its commitment to measures that will allow the Group to meet its demanding Commitment 2030 and the United Nations Sustainable Development Goals.

José Pina

4

2. OPERATIONAL AND FINANCIAL PERFORMANCE

PULP SEGMENT

According to data from the Pulp and Paper Products Council (PPPC), World Chemical Market Pulp Global 100 Report (May 2021), the cumulative total demand for the first five months of 2021 of hardwood pulp decreased slightly in 1.3% compared to the same period of 2020. This decrease is justified by the integration of part of the pulp that ceased to come to the market by a large producer of pulp and paper in Southwest Asia. However, there was an increase in China (+1.3%) and in Western Europe (+0.9%). The inventory level on hand at hardwood pulp producers were 37 days, which corresponds to a decrease of 4 days compared to the level of inventories that occurred in 2Q20.

During 2Q21, Pulp prices (BHKP) showed a strong increase (+27% in USD) and there were several announcements of price increases during the quarter. The demand in China had a positive effect on prices in Europe. At the beginning of July 2021, the PIX market price was 1,114 USD/ton, which compares with 865 USD/ton at the end of 1Q21 and 680 USD/ton at the end of 2020. On average, the price recorded by PIX was 1,009 USD/ton during 2Q21 vs 767 USD/ton during 1Q21.

BHKP Pulp Price Evolution in Europe (2018 to July 21)

Source: FOEX.

The Dissolving Pulp, aimed at textile use, followed the general movement of rising prices given the strong demand from China, the world's main destination for this type of pulp.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Altri SGPS SA published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 16:08:04 UTC.


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Financials
Sales 2021 768 M 899 M 899 M
Net income 2021 109 M 128 M 128 M
Net Debt 2021 557 M 653 M 653 M
P/E ratio 2021 10,6x
Yield 2021 4,71%
Capitalization 1 132 M 1 326 M 1 326 M
EV / Sales 2021 2,20x
EV / Sales 2022 2,05x
Nbr of Employees 765
Free-Float 30,2%
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Technical analysis trends ALTRI, SGPS, S.A.
Short TermMid-TermLong Term
TrendsNeutralBearishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 5,52 €
Average target price 7,73 €
Spread / Average Target 39,9%
EPS Revisions
Managers and Directors
JosÚ Armindo Farinha Soares de Pina Chief Executive Officer & Director
JoŃo Manuel Matos Borges de Oliveira Vice Chairman & Chief Financial Officer
JosÚ Antˇnio Nogueira dos Santos Executive Director-Finance & Director
Alberto JoŃo Coraceiro de Castro Chairman
Pedro Nuno Fernandes de Sß Pessanha Da Costa Chairman-Supervisory Board
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